S
Shwetank Sharma
I had sold the following two properties :
1. Residential apartment in March 2021
2. Residential land in June 2020.
I would like to know if I can use the proceeds of the above two properties to buy third apartment for residential purpose in same financial year? Can the capital gains from the above two properties be used to invest in the third apartment?
A
Amit Kumar
I am a salaried individual. For FY 2020-21, my taxable salary is 502500. Due to this Ra 2500 extra, I am unable to save Rs 12500 under section 87A. I am looking for ways to show this Rs 2500 somewhere. I am a freelancer also. Fir FY 2020-21, I started working on freelance transcription and earned 3100 Rs. Fir this new work, I bought laptop also. So can this freelance venture help me here?
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Dear Amit, The amount of Rs. 2500/- can't be adjusted anywhere unless some deduction is available as per IT Act. However we can go through your form 16 & other derails and suggest you as per provision of IT to save the Tax.
For further consultation you can reach us on ca.rahuldwivedi@gmail.com or 9004485377.
Detailed discussion will be required for analysis of your IT return filling while saving taxes. Please connect with us at ca.pujasharma@outlook.com for more details.
T&C applyD
Dileesh
V
Vikas Nigam
I started working inn 2011. I withdrew my PF contributions after i quit my first job in 2017. Since then i have been continuously working till September 2021 and PF contributions continuing till September 2021 as required. Now i am unemployed again since September 2021. If I withdraw my PF contributions, would they be taxable?
Dear Vikas,
If you withdraw PF before 5 Years of contribution then it is taxable. In your case you have contributed to PF for 4 Years 2017 to 2021 & now you are withdrawing so it will be taxable. One more thing PF office with deduct TDS @ 10% on withdrawal if your PAN updated.
For further consultation you can reach me on ca.rahuldwivedi@gmail.com or 9004485377
Yes, your PF withdraw amount will be taxable.
T&C applyS
Sravan
What is the TDS u/s 195 for Sale of Agricultural land by NRI?
Hi,
I am buying a property (4 Acres of Agricultural land) from a NRI friend from same village as myself. This land is about 2kms from the municipal limits of Gudivada (Population of 1.50 lakh) Andhra pradesh. NRI acquired the land via a gift deed from his grand father in 1977.
Below are the details of Transaction.. (Figures in rupees)
1. Can you please advice me how much TDS (including any cess and surcharge) I/buyer have to deduct under section 195 for current FY? Is it 20.6, 20.8? or 22.8 etc..?
2. Is there any benefit for NRI to obtain Lower tax deduction certificate in this case? and How much it will be?
3. What is the actual LTCG tax (irrespective of TDS u/s 195) NRI has to pay?
4. The NRI is willing to reduce the price if surcharge is impacting TDS buyer has to deduct.. Is that the case here?
Cost of 4 Acre land in 1977 as per document - 32,000
Cost of 4 Acre land in 2001 as per Fair market value by Government - 3,20,000
CII adjusted value of 4 acre land - 10,14,400
Sale price of 4 Acre land (January 2022)- (25,62,000*4) = 1,02,48,000
Thank you in advance..
